Do we need to wait for the New Year to make resolutions for a better financial being? I don’t think so. Any time is good time to get started with financial planning. That is why we have put down a list of some resolutions that you can take towards firming your financial profile.

Plan your Budgets:

One of the things we often talk about but are bad at doing is monthly budget planning. This is an important step to take control of one’s finances. The half battle is won when you start to put down all your earnings and how you are gonna spend it every month.

Whether you want to go with a simple way of noting it in a diary, maintaining a spreadsheet or using a money management app, just start doing it the right away. This will help you spot the expenses you need to cut down and stick to your budget each month.

Reduce your Debt

Keep a track of how much debt you want to take off your back in the year. It is best to get rid of the high-cost loans first. Credit cards, personal loans may seem tempting but they come with high-interest rates. Better pay off the high-cost loans as much as possible, this will surely leave you with more money for savings or investments. Monthly payments for your debts should ideally not be more than 35% your income.

Save for Emergencies

Risk looms over all aspects of our lives. We should be prepared for any nasty surprises life throws on our financial fitness, it can be anything from the lawsuit, natural calamities, death to sickness.

Two things can be a savior at this time, one is your emergency fund and second is your insurance coverage. Make sure to invest in both the things carefully. You can seek professional help to find the right insurance cover for various aspects of your life. And for a good start to the emergency fund can be a small amount as well. For e.g. Parking aside 5000 a month in Liquid Funds can fetch you a pool of around Rs. 62000 by end of the year, this will serve as multi barrel advantage, saving as well as growing your money at the same time. You can decide how much you can save, depending on your current finances.

Optimise your Portfolio

A financial plan acts as a great tool in simplifying your financial life. Invest time to create a plan covering all aspects of your finances. You should revisit overall asset allocation, a mix of bonds, stocks, and mutual funds in your portfolio.The trick is to sync all these with your risk appetite and, long term goals.

Consider diversification of the assets. Mutual Funds are a good way to start your diversified basket of securities. Keeping a check on your portfolio and making changes as required, can go a long way in your financial fitness.

If you are not confident of portfolio management on your own, seek professional help for free at 5nance.com.

Financial planning is a process that provides you with (a) A scientific way to manage your finances. It helps individuals make calculated provisions to align their future goals and requirements. and (b) a personal goal plan that enables users to realize objectives for their future.
5nance makes use of an innovative financial planning software to analyze your existing portfolio and set up plans to meet those objectives.
We offer financial planning tools and services like budgeting, investment planning, insurance planning, cash management, retirement planning and real estate planning.

Who is a financial planner? How can 5nance.com help you plan better?

A financial planner is an expert who advises users to manage money in a methodical manner. Our personal finance software plays the role of a budget planner and helps users plan their goals and make goal based investments..
Our integrated financial accounting software helps users identify their financial requirements, present priorities, future needs and products that are most suitable to meet their needs.
We provide tools that allow our users to create monthly investment plans, track spending patterns and optimize savings.

How does 5nance.com create an individual’s personal financial plan?

As a personal budget software, we take care of user’s money management needs such as budgeting, expenses tracking and savings optimization.
You can expect comprehensive financial planning and best investment recommendations from our investor friendly portal.
We provide real time portfolio tracking and put out timely alerts and research calls to optimize returns on their investments.
Online automated advisory and services offered by us is absolutely free of cost. Users can make investment through our portal without incurring any expenditure.

How is 5nance platform different from others?

Like a personal budgeting software, 5nance.com offers a platform that enables users to go for budgeting, planning, advisory, portfolio tracking and investments in just few clicks.
We allow users to link their bank accounts with our portal to facilitate ease of operation.
Users can execute financial transactions and get prudent advisory at zero cost.

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Innovage Fintech Private Limited is registered with Association of Mutual Funds in India (AMFI) as a mutual fund distributor having ARN no. 87155 and is also holding a valid Corporate Agent (CA) registration with Insurance Regulatory and Development Authority of India (IRDAI) registration no. CA0339. Any recommendation provided by Innovage Fintech Private Limited to the customers on mutual funds is
incidental to its primary activity. For products other than mutual fund, no recommendation is provided in any form by Innovage Fintech Private Limited.
Advisory Services on 5nance.com is provided by Innovage Investment Advisers Private Limited, a SEBI registered Investment Adviser having registration no. INA 000003809 (Valid till 12.11.2020).